EconomicNews
Inflation continues to soar, as rates reached a new high last month, according to the Bureau of Labor Statistics report on Tuesday. The Consumer Price Index for 8.5% from March 2021, which surpassed economists’ forecasted 8.4% jump. Last December, President Joe Biden said inflation was at its peak at 6.8%. Although inflation was already topping out at numbers that had not been seen in 40-years, the Russia-Ukraine conflict pushed the number upwards. Press Secretary Jen Psaki blamed the elevated inflation on what the White House calls, “Putin’s price hike.” The Biden administration said supply-c...
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The U.S. unemployment rate dipped to 3.8% in February with the addition of 678,000 jobs, according to the Labor Department‘s Bureau of Labor Statistics on Friday. February saw the biggest monthly growth since last July, with the unemployment rate inching closer to where it was before the pandemic. Economists had predicted 400,000 new jobs ahead of last month, and while employment levels still miss pre-Covid numbers by 1.14 million, labor market numbers should continue trending upwards as it recovers and pandemic measures are lifted. Leisure and hospitality added the most workers to the labor f...
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The Biden administration imposed additional sanctions targeting Russia’s central bank on Monday following Russia’s unprovoked invasion of Ukraine last week. The penalties prohibited Americans from doing business with the central bank, froze its assets inside the U.S. and removed major Russian banks from SWIFT, the international banking messaging system. “Our strategy, to put it simply, is to make sure that the Russian economy goes back as long as President Putin decides to go forward with his invasion of Ukraine,” a senior administration official said on a conference call with reporters. Russi...
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A key inflation gauge, the PCE Price Index, rose 5.8% in December from December 2020. The high inflation rate ties June 1982 in at the fastest pace ever, according to the Bureau of Economic Analysis. The PCE Price Index examines the prices Americans are paying for a variety of things – like food. Then it adds in how those costs are changing over a period of time. The report also stated that consumer spending decreased by 0.6 percent in December, likely due to the spike in Omicron variant cases. As numbers soared, fewer Americans spent money on traveling, entertainment and eating at restaurants...
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